AXA Real Estate Investment Managers has completed the acquisition of 381 Santander bank branches in Spain for €308 mln.
AXA Real Estate Investment Managers has completed the acquisition of 381 Santander bank branches in Spain for €308 mln.
AXA REIM carried out the transaction on behalf of a joint venture between two of its institutional clients. The vendor was URO Property Holdings.
The 381 assets located throughout Spain total 90,000 m2 and are fully let on 24-26 year leases to Santander, the largest banking company within the country. Predominantly situated in the five major cities of Andalucia, Cataluna, Castilla y Leon, Pais Vasco and Madrid, the remaining assets are in prime locations within smaller cities.
AXA REIM describes itself as a 'first mover back into Spain in mid-2013' through the acquisition of a Barcelona office portfolio from Generalitat de Catalunya for €172 mln. The investment manager has continued since then to source and acquire assets in the Spanish real estate market, notably through the acquisition of the Gran Via retail asset in Madrid last year by a 50/50 joint venture between two clients.
Hermann Montenegro, head of asset management & transactions, Spain, at AXA Real Estate, commented: 'This latest acquisition underpins AXA Real Estate’s conviction in the Spanish real estate market, having purchased what we believe to be a portfolio offering significant value let on a long lease to Santander. As further testament to AXA Real Estate’s ability to utilise its local teams, the portfolio spans the entire country, providing our clients with exposure in both the major cities, as well as the regions.'
